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[Your Name] ASICME
ASICME: name of our team. ASICME is a portmanteau of ASIC and ME, where ME is an abbreviation for Meet End.
MeetEnd: name of our company, which is also the listed entity of this IPO. The words "Meet" and "End" are from our slogan "we will Meet in the End with Bitcoin."
ASICME Team is a leading global Bitcoin-based service provider, focusing on packaged solutions for Bitcoin mining, payment, and related business.
ASICME is initiated by Yaorui Yang (Co-founder of xiaonei.com) in May 2013. Through Internet, we gathered a group of talents and professionals: a hardware engineer with 7-year hardware (5-year in FPGA) development experience; a software engineer with 7-year embedded system and industrial control development experience; a PhD student in Economics (living in Paris); a Master in software engineering (living in the US)....
With the professional team and teamwork spirit, we are widely supported by the Bitcoin fans.
ASICME is now registering our company MeetEnd Ltd. in Republic of Seychelles and this process is expected to be finished on August 12th. We treat MeetEnd Ltd. as the listed entity, and our virtual stocks will be issued as soon as our register is complete. ( "ASICME," "we," and "us" stand for MeetEnd Ltd. afterwards except specifically marked as "ASICME Team.")
The benefits made by ASICME Team before we complete our register of MeetEnd Ltd. will be included in the company's financial records.
Here is a post about our enterprise spirit: http://asicme.com/en/company
Here is an English report about us: http://www.techinasia.com/depth-bitcoin-hands-chinas-average-zhou/
Stock type: BTC virtual stocks
We use a market approach (multiple analysis) to assess the value of our shares. Using the sales multiple (the ratio of share price to sales) as a reference, which is calculated by the listed entity "friedcat" (ASICMINER) in the same industry, we determined our offering price according to the sales in the past two months and the estimated sales multiple. To ensure the success of the initial offering, we use the closing price of ASICMINER at the end of first quarter of 2013 as a benchmark (0.77 BTC per share) . According to the estimated sales multiple, our offering price is finally set to be 0.018 BTC/share.
Actually this offering price is quite conservative, since we choose a relatively low share price of ASICMINER as the benchmark. The share price of ASICMINER is now around 4.0 BTC per share. Even if we change our benchmark by using the middle share price of ASICMINER between March and May 2013, which is 1.2 BTC per share, the estimated value of our shares would be 0.027 BTC per share.
The total number of shares of ASICME is 10,000,000.
Except 2,500,00 publicly issued shares, the other 7,500,000 shares will be held by the team members of ASICME. The shares held by the team members of ASICME have a lock-up period of two years. During the lock-up period, this part of shares can be only traded among the team members of ASICME and is not allowed for public trading. After the lock-up period, this part of shares may be issued limitedly, but once coming into the public offering field , they will automatically lose their voting right.
There is no lock-up restriction for the publicly issued shares. Each share, including publicly issued shares and shares hold by team members, has the same right for dividends(account for 1/10, 000,000 of the entire dividend rights), but the publicly issued shares do not have voting right.
Unless the retained earnings are not enough to support an important project and we do not have other reliable financing channel, we will not issue new shares. To guarantee the benefits of shareholders, we promise:
We plan to do weekly dividend payout. We will start the dividend payout when the total sales of our publicly issued shares meet or exceed 500,000. Any change of dividend payout policy will be decided by ASICME and be publicly announced to all shareholders.
ASICME acknowledges that there is no false description or important carelessness in this prospectus and are willing to take liability for its authentication, accuracy and integrity. If investors are in any doubt about the prospectus, please propose it.
Reserved rights of issuer:
The reserved rights of the issuer, ASICME team, are including but not limit to:
Any prospective investor can contact us via:
1. ASICME is now mainly focused on selling Bitcoin miners and providing the hosting services. ASICME has a professional Internet service and sales team led by co-founder of xiaonei.com (a SNS well-known as Chinese Facebook), and the VP of sales of meituan.com (one of the most famous group-buying websites in China), which allow us get about 22,800 BTC sales in only two months. This is an unprecedented achievement in the history of bitcoin mining equipment selling.
2. ASICME is also the first team to promote the bitcoin mining concept to ordinary consumers in China. The fast startup and the large-scale sales are bound together with our professional Internet service and sales capability.
3. ASICME is one of only a few teams which can provide Bitcoin miners in August. Since "ngzhang" delays the delivery, most Avalon-based mining equipment providers have to delay their production, too. To get around the bottleneck, we acquired a small ASIC chip research and development team. By developing on our own and some private channels, we get a few precious ASIC chips. These chips can meet the early demand of bitcoin miners and hash rate. Previously, we promised that if we could receive ngzhang's chips on time, we will ship our products in 90 days.. However, we have not received any chips from ngzhang yet, which were supposed to be shipped two months ago. Now, in order to protect the benefits of our customers, we will produce the miners by our own hash rate and dispatch some miners in advance. The first batch miners of our customers (ordered before June 9th 24:00, GMT+8 time zone) will be dispatched in the period from August 10th to August 30th, 2013.
4. The first batch of our mining equipments has about 18T hash rate, which will be deployed (or dispatched) completely in mid-August. Keeping that in mind, we will be the second biggest source of hash rate in China (after ASICMINER), assuming there is no big change in the total hash rate, which is very likely from what we have experienced in the past. As of this release, 9T hash rate have already been deployed and is been testing.
5. We have other chip orders (about 20Th), which will be dispatched or deployed after we receive.
1. We have already started ASICME mining pool project. The beta version of our mining pool will be online by the end of August. By the hash rate we have and our reputation in China, the mining pool is expected to become the biggest mining pool in China. The main benefit of this project is the commission fee of mining.
2. We plan to start "Zhifumi" project around August. This is a 3-step project: 1) the online bitcoin wallet. We are currently dedicated in researching on similar programs as Coinbase to develop an online bitcoin wallet, in order to cater to Chinese customers. 2) Instant redemption platform. To make things more convenient for our customers, we will provide a redemption platform, with which you can exchange bitcoins and legal tender instantly. 3) The "Chinese bitpay", which serves as paypal or alipay in bitcoin area. To put it simply, this is a Copy-to-China project, our initiator (co-founder of xiaonei.com - known as Chinese Facebook) and a senior executive (VP of meituan.com - known as Chinese Groupon) are highly experienced in this kind of project. With this project, we intend to provide a more convenient payment and transfer method in Bitcoin area, which is significantly helpful to expand the bitcoin circle. Meanwhile, more investment opportunities will be generated. The future of this project relies on professional customer service, and the design capacity of Internet and integration products.
3. We have already started the project of next generation ASIC 65nm mining chips. In fact, we can start our development of new generation chips at any moment if we have sufficient money. After careful investigation and evaluation of the mining industry, we believe that producing the 65nm chips in China will cost us the shortest time and gain us the highest cost-efficient. Once start, this project will be the biggest investment after this IPO.
4. We will develop bitcoin peripherals, such as Bitcoin theme T-shirts. This is a low-profitable project, but it is good for brand building. The earnings can be used in daily expenses of our company.
1. Financial support for development of next generation 65nm mining chips. In fact, we can start our development of new generation chips at any moment if we have sufficient money. Features of new generation chips:
2. It is undeniable that Bitcoin mining is a high-return business now. But high returns come high risks. We would like to share our equities with community to decentralize our risks.
3. To hire enough technical staff for Mining Pool project, Zhifumi project, and Mobile Wallet project.
4. To hire English talents. Bulk of information and data on bitcoin are in English, and the global market need to open, so we need to organize an English team to deal with this kind of things.
5. To maintain our team regular operation: pay the rent of our office and other administrative expenses.
Q & A:
A: We use a market approach (multiple analysis) to assess the value of our shares. We used the sales multiple (the ratio of share price to sales) calculated the listed entity (ASICMINER) as reference . Then we determine our offering price according to the sales in the past two months and the estimated sales multiple. To ensure the success of initial offering, we use the closing price (0.77 BTC per share) of ASICMINER at the end of first quarter of 2013 as a benchmark. According to the estimated sales multiple, our offering price is finally set to be 0.018 BTC per share.
Actually this offering price is quite conservative, since we choose a relatively low share price of ASICMINER as the benchmark. The share price of ASICMINER is now around 4.0 BTC per share. Even if we change our benchmark by using the middle share price of ASICMINER between March and May in 2013, which is 1.2 BTC per share, the estimated value of our shares would be 0.027 BTC per share.
The details for share valuation are as following:
We use ASICMINER as a comparable entity in the same industry. In its publicly announced financial report for the first quarter of 2013, ASICMINER sales come from two major sources: 57,338.24 BTC from self mining and 10,176.85 BTC from sales of products. ASICMINER was first listed in 2012 and its closing price at the end of first quarter of 2013 was 0.77 BTC per share. In addition, the total number of shares issued by ASICMINER is 400,000.
Therefore, the sales multiple for ASICMINER is calculated as 13.75. Our team, ASICME, started to run business since June 2013. According to our financial data, the sales are 8318.81 BTC in June and 13,072.75 BTC in July, respectively. To be conservative, we assume that our sales will not change a lot in the future and use the sales in July as a reference for shares valuation. According to current exchange rate, the sales of our team is around 12,903 BTC (1 BTC=100 US dollar). The total number of shares for our team is 10 million, and we decide not to do seasonal equity offering in the next two years after first issuing. Therefore, according to the sales multiple estimated before, the offering price of our team is determined to be 0.018 BTC per share.
Q: Do you give any privilege to the major shareholders?
A: Currently we don't give out any privilege to the major shareholders. Public issuing of shares only has the right for dividends. Extra privilege is unfair to other shareholders.
Q: While you mentioned 65nm chips in the prospectus, why don't you produce the better performance one as 40nm/28nm chips?
A: The better performance one often has the higher manufacturing cost. After our preliminary market research, the 65nm chips are the best which is corresponded with the cost-benefit analysis. We need to deploy our hash rate rapidly before the whole hash rate of the network soars to a higher level.65nm is the result of comprehensive considerations. According to nowadays hash rate condition, and the tape-out speed, 40nm/28nm chips take more risks.65nm chips, compared with 40nm/28nm chips, has unparalleled speed advantages in terms of design, tape-out, production, packaging and transportation in China. After all,in the bitcoin world, speed is everything.
Q: What's your relationship with ngzhang or Avalon?
A: The only connection is that we ordered about 10,000 nazhang's "Avalon" chips by all kinds of ways but we have not received them yet. However, we have predicted this kind of risks from the very beginning; we are actively looking for other means and methods to deal with the chip scarcity. That's the reason why we can dispatch our miners and deploy our hash rate in advance .
Q: How do you view bitcoin in the long run?
A: We all believe bitcoins' value will increase. But nothing is absolute and thus we decide share our equities as well as the risks by this IPO. Moreover, only if more people join in the bitcoin's market, its price will increase.
Q: There is a statement as "bad money drives out good money." Now bitcoin is at the summit of its power, but will it be affected by other copycat virtual currencies? Do you consider investing in the area of the copycats?
A: To answer your second question. We are not interested in the copycat currencies now. Concerning about the concept of "bad money drives out good money," it sounds "professional," but when asked why, many people cannot tell the reason. This concept has a specific term called "Gresham's Law" in economics, and the law is available when certain conditions satisfy. But there are no such condition in bitcoin area now.
Q: Do you have any proof that you're currently hashing at 9TH?
A: This is our address for receiving the benefit from the deployed hash rate: 1AYTkpQDA2nu6vu6JjZvbDgMXa1SjehVYu
|Definition of the Market||
We are focusing on packaged solutions for Bitcoin mining, payment, and related business.
|Products and Services||
1. Bitcoin miners based on ASIC chips - ME Miner: ME20, ME80, and ME320. The hash rate is 5.64GH/s, 22.56GH/s, and 90.24GH/s respectively.
2. Bitcoin miner hosting service. For the customers who ordered our miners, we provide hosting service.
3. Bitcoin mining pool. The beta version of our mining pool will be deployed completely by the end of August.
4. "Zhifumi" project. This project will be launched in August.
5. New generation ASIC 65nm mining chips and new generation miners. We have already started the design of new generation chips, and our designer has the experience of designing chips in military enterprises for many years. If financing goes well, we can start our tape-out process of new generation chips by the end of September.
6. Bitcoin mobile wallet - ME Wallet. Now we have ME wallet v1.0, which is based on open-source programs. When we finish Zhifumi project, we will integrate our payment platform and the mobile wallet.
|Organization and Management||
Yaorui Yang: initiator, co-founder of xiaonei.com (now renren.com, known as Chinese Facebook), founder of ASICME.
1. Wei Shao: responsible person of miner department, in charge of the product development, production, and hosting service.
1. Zhaoyu Wu: web developer, Years of experience in Internet project development. In charge of one community education production research and development.
Media & Economic department:
1. Pengzhan Song: In charge of news media and public relations.
1. Jun Yang: VP sales(vice-president of sales) of Meituan.com. Consultant, in charge of negotiation and business cooperation.
Executive branch/Administration department:
1. Tang Tang: financial data, customer data, information management and administration coordinator.
1. Sales aspects: In mid-August, we will deliver the first batch of miners, and deploy our hash rate.
2. Technical aspects: we will finish adjusting the mining pool by the end of August.
3. Technical aspects: we will get Zhifumi project started in August.
4. peripherals: set out to design and sell Bitcoin peripherals.
5. We have already started our project of new generation of ASIC chips and miners.
ASICME will have the responsibility to manage the capital from this IPO. Welcome all the shareholders and investors to proposing opinions and suggestions, but we have the final decision-making authority. Any major investment will be publicly announced in advance.
Meanwhile, we will publish our financial statements quarterly and update the company's information platform in time.